TikTok founder becomes China's richest man

Published On Oct 29, 2024, 6:53 AM

Zhang Yiming, co-founder of TikTok's parent company ByteDance, has become China's richest person with a net worth of $49.3 billion, attributed to the app's massive global popularity and a recent surge in ByteDance's profits which saw a 60% increase last year. This remarkable financial success comes despite concerns about TikTok's ties to the Chinese government and impending U.S. regulations that could ban the app unless it is sold. Many other individuals on the rich list experienced declines in their net worth due to the sluggishness of China's economy and a challenging year for various industries, particularly in tech and green energy.